Insurance: Make a List, Check it Twice

Wednesday, March 31, 2004
The U.S. Court of Appeals for the Eighth Circuit ruled that a marine insurer is liable for losses of unsurveyed cargo where the policy failed to list the cargo as requiring survey prior to shipment. In the instant case, plaintiff purchased electrical generators to be shipped from Japan to the United States and become part of a new power plant. The entire project was insured by a syndicate from Lloyd’s of London. The policy included a provision requiring survey by the London Salvage Association of certain “critical items” and its approval of the ship to be utilized, stowage, and anticipated weather conditions en route. The policy included a section entitled “List of [critical] items”, but no items were ever listed. The electrical generators were damaged during a storm en route. Defendant insurers denied coverage and plaintiffs sued. The court held that the terms of the policy were unambiguous and ruled that the syndicate was liable for the loss, stating: “When the parties establish a clear mechanism for determining rights and obligations, lawyers and judges should not thereafter search through and interpret copious e-mail exchanges and deposition transcripts in an effort to discern whether the parties might really have intended that which they failed to articulate in the written agreement.” Assicurazioni Generali SPA v. Black & Veatch Corp., No. 03-1431 (8th Cir., March 26, 2004). (HK Law)
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Dry Bulk Recovery Still a Long Way Off

The dry bulk shipping market will remain in recession due to contracting demand for iron ore and coal, and any recovery is not expected until 2017, according to

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said.

Cameroon Awards Kribi Deepwater Contract

Cameroon has awarded a contract for its Kribi port to a consortium led by French logistics group Necotrans, the two parties said. The deepwater port will allow

Salvage

Runaway Crane Barge Sinks on the Mississippi

The U.S. Coast Guard is working with a team of responders to recover a runaway crane barge that sunk near Convent on the Mississippi River.   The crane barge

Historic WW I Shipwreck Survey Underway

Partnering U.S. agencies have commenced surveying the historic shipwreck of an American lightship shelled and sunk by a German U-boat during World War I nearly 100 years ago.

Titanic's Last Luncheon Menu Heading to Auction

More than a century after first-class passengers aboard the ill-fated Titanic ate grilled mutton chops and custard pudding in an elaborate dining room, the ship's

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1393 sec (7 req/sec)